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Can you be sued for the balance of a promissory note if the property is re sold?
Wiki User
∙ 14y ago
Absolutely. You signed a contract to pay for a loan of money. It doesn't matter whether you still have the property that was purchased with funds from the loan. The promissory note is a contract to pay and is enforceable in court.
Wiki User
∙ 14y ago
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Can a home be sold for unpaid property taxes if it has an outstanding equity loan balance?
Yes, depending on the state, a home can be sold for unpaid property taxes.
When do you pay capital gain tax on house you sold?
In Canada you pay the capital gains only on investment properties that are sold and it's paid with your income taxes (so you may have a income tax balance due when you file your taxes, for the year the property was sold).
How are lenders paid after a first mortgage foreclosure?
Lenders are paid after the property is sold. Hopefully they will receive at least the balance of what you owed on mortgage. If not they will be looking to you eventually for any deficient balance if they are not able to clear you debt totally through the sale.
What is deed reconveyance?
The Trustee's power under the Deed of Trust is reduced to finalizing the beneficiaries instruction to remove the instrument from the encumbrance on the owner (Grantor)'s title to the asset. This is the result of the Promissory Note no longer either having any payments left to be made or that the lender sold the note to an investor and thereby the Deed of Trust no longer has the power to foreclose.
How do you get a letter from your previous mortgage company stating you no longer hold responsibility of property due to foreclosure?
You should receive a letter from the mortgage company stating that mortgage lien is released when the house is sold or auctioned off. This does not mean that you no longer have an obligation unless the mortgage company sold the house for an amount that would cover your total balance including all collection costs and any other costs, like real estate taxes, utilities etc. that were incurred. If the mortgage company did not have a deficit balance left, you should have no trouble getting such a letter, but if there is a balance due, the letter may state something to the effect that the property has been sold but a deficit balance of a certain amount of money is due.
What do you do if you sold a vehicle to someone with a promissory note stating they will make payments and signed the title over if they do pay?
If they signed the promissory note, then it is legal, and binding.
How do you file lien on property that you have a promissory note on?
You need to sue the debtor in court and win. If you prevail in your suit you can request a judgment lien. The lien can be recorded in the land records if the debtor owns real property. The property cannot be refinanced or sold until the lien is paid. Generally, personal property can be seized by the sheriff to satisfy your lien.
Can a home be sold for unpaid property taxes if it has an outstanding equity loan balance?
Yes, depending on the state, a home can be sold for unpaid property taxes.
Promissory note example problem with solution?
on march 30,wade thompson accepted a nine month $32,250.00 promissory note at 7% interest from one of his clients to pay for some carpentrywork he had completed . on april 27, he sold the notes to hammond bank at 9.5% interest. what were his proceed.
Do you pay income taxes on rental forclosed property?
Possibly. It depends on your basis, how much depreciation you have claimed, whether the loan is recourse or non-recourse, and whether the bank is canceling the unrecovered balance of the loan. A foreclosure is treated as if you sold the property to the bank. On a recourse note, it is treated as if you sold the property for the fair market value at the time of foreclosure. On a non-recourse note, it is treated as if you sold it for the balance of the loan. (I am assuming the loan balance is more than the value of the property, otherwise you would have just sold the property and paid off the loan, right?) On a recourse note, if the bank decides not to pursue a deficiency judgment against you, then the cancelled debt (the difference between the FMV and the balance due) is taxable ordinary income (unless you meet the insolvency or bankruptcy exceptions). You'll also need to recapture depreciation, just like on an ordinary sale. Unlike a homeowner whose personal home is foreclosed upon, you will be able to claim a capital loss.
I loaned 15000 and received a promissory note I am told that this is no guarentee that I will get my money back upon sale is it possible to put a lien on the property?
You need legal advice that is particular to your state.First, there is a statute of limitations in your state that governs how long a promissory note is effective. If the note remains unpaid you can bring the matter to court and obtain a judgment if the terms of the note have been breached. If you obtain a judgment in your favor, you can ask the court for a judgment lien that can be recorded in the land records against the debtor's real estate. Once the lien has been recorded the property cannot be sold or refinanced until the debt is paid.It would be worthwhile to invest in a hour with an attorney who can review your situation and explain your options.
Is a property inspection required when a mortgage note is passed sold to another lender?
No.No.No.No.
If your balance was 7000.can they sue for 5500.when they have the car?
Yes. Undoubtedly they sold the car a received $1500 from that sale. You are responsible for the balance of the note which is $5500.
Can you now put a lien on the title for nonpayment and repossess the car if you have the bill of sale and promissory note signed by the buyer?
I can answer the question I asked. The answer is NO. For the State of Arkansas I was told by the Dept of Finance that I should have done it when I sold the car. My tough luck, my being nice to the buyer. The buyer is a leach on society.AnswerEven though you didn't place a lien on the title when you sold it, you should be able to sue and get a judgment for the unpaid amount of the note. With the judgment you can attach the buyer's property, including the car.
If a house is sold in a short sale who pays the difference between sale price and amount owed?
The owner of the property may be asked to sign a note for the balance of the money owed or the lender may just forgive the debt entirely.
How do you write a personal promissory note?
The best way is to use a legal document program on the internet that is specifically for your state. See the link below for an example. There are also software programs sold in office supply stores, book stores and computer stores and paralegal forms places that will have a promissory note form. See the link below for an example of a web site that is in the US (we are not endorsing it).
Can a property that was sold for taxes be included in an estate?
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
